Car Insurance simplified
Car Insurance or motor insurance as commonly referred to, helps to protect the losses
you might incur while driving on a busy road. The loss could be a result of an accident
or theft. The premium amount of your car insurance is decided on the basis of Insured
Declared Value or IDV of the vehicle. A slight change in IDV can make a whole lot
of difference to the motor insurance premium. If you raise the IDV, the premium
rises and if you lower it down, the premium reduces. It is very important for any
policyholder to compare various options before going for a car insurance renewal
or buying a new policy.
Coverage under Car Insurance
Car insurance is of 3 types - Third Party Liability Coverage, Collision Coverage
and Comprehensive Coverage.
- Third Party Liability Coverage
Third Party Car Insurance covers you against any legal liability to a third party
resulting when you are at-fault driver. It covers damage/injury caused by you to
another person/property. A Third Party Liability cover is legally mandatory in India
under the Motor Vehicles Act.
- Collision Coverage
Collision Coverage protects the insured financially against damage to his/her own
car. It pays the insured for damage caused by collision. Damage/loss due to theft
or vandalism is not included in collision coverage.
- Comprehensive Coverage
A comprehensive package car insurance policy is more extensive and preferred by
most people. The coverage includes damage or theft of vehicle, third party legal
liability and personal accident cover. The policy coverage can be further extended
by opting for add-ons like accessories cover, engine protector, zero depreciation
cover, medical expenses, etc.
No Claim Bonus
For every claim free year, the insured is rewarded with a discount on the renewal
premium. This discount is No Claim Bonus (NCB). It is cumulative and increases every
year. It usually ranges from 10% to 50% and can save substantial amount of money.
Advantages of buying motor insurance online:
- lower premium online: Every company gives cheaper quotes to their online customers
as it saves them all the paperwork & manpower expenses. It is wise for you to buy
car insurance online and take this benefit.
- renewals are always cheaper: A simple thumb rule to know is that your renewal will
always be cheaper than your previous policy, if you buy it online.
- easy to compare: There is no fixed rate for your car Insurance. You can always get
a discount. It is recommended to compare Motor Insurance before buying. It is always
easier to compare Insurance online at one place.
- paperless transaction: Online buy saves you from all the paperwork and filling up
the lengthy Insurance forms and saves your important time. Also, you can find all
your important documents at one place which can be accessed easily when they are
- easy buy and instant policy: Online buying process is quick and smooth. Bimadirect insurance
experts can make it even easier by filling the form on your behalf with just a call
to our toll free no. 1800-108-8888. Further, buying Motor Insurance online gives
you policy on your email instantly whereas getting policy while buying from an agent
or dealer can take 2-3 days
So Compare and buy the best car insurance online now in less than 15 minutes from
Abiding by our belief in consumer empowerment, we have partnered with all major
General Insurance companies in India to bring their products on a single platform
enabling comparison and informed decision making.